The integral part of online sports betting is payment solutions. It’s quite obvious, in order to pay, you need to make a deposit, and to make a deposit you need an adequate payment portal. There are many ways how we can transact online nowadays, but it’s safe to say that not all platforms are able to accommodate every possible payment method.
Due to the rise of cybercrime, regulators are far more rigorous, and getting clearance to set up different payment methods can take time. However, that’s old news at this point and for the majority of main payment methods, the standards are pretty clear. So, let’s see how far online sports betting has come in terms of payment solutions.
Digital Wallets As The Most Popular Option
We have surely come a long way, in terms of payment solutions, and it seems that there is less and less friction between consumers and retailers. On one hand, it is more convenient to shop, but you could argue that the same convenience is causing people to spend more money. Surely a separate topic, but digital wallets are just another product of that mindset, and are especially popular among sports bettors.
Digital wallets are easy to set up, they are fast and low-cost at the same time. So, it’s obvious why many of the users opt for this route when playing on their online sportsbook. Another reason is that you are not required to submit your credit card or bank account information, which makes it a safe method of transaction. You don’t have to worry about any sensitive information being exposed if the site is attacked.
Sports Betting Apps Accounts
Sports betting apps also serve as a form of a digital wallet as you can deposit funds there, and place wagers on your favorite team. The appeal here is that new users typically gain deposit bonuses, or get betting credit whenever a company feels generous. In other words, you will be able to play for free from time to time, which is great.
Furthermore, in some states, you can even set up these accounts without having to come there in person. For example, multiple Illinois sports betting apps, allow you to set up your account online. Once again, accounts can allow you to deposit funds, via multiple payment methods, and you have control over how the payout will be handled.
Cryptocurrency
Digital currencies are among the latest trends when it comes to online transactions. Some of the online betting sites saw this as a unique opportunity and took the necessary steps to enable users to bet using crypto. Also, many block-chain entrepreneurs saw this as an opportunity and decided to work on a digital currency or coins specifically tailored for online betting. Obviously, this approach has its advantages, one of which is a fast transaction but more importantly anonymity. Since digital currency transactions do not leave a trace, many high-roller users are more comfortable to make larger withdrawals and deposits.
Credit and Debit Cards
These are still viable and largely used options. Users also tend to open a whole new debit card that is specifically for online betting. In a way this is a predecessor of digital wallets, however, there are some general advantages that a debit card has outside of sports betting, which is why it is still widely used. This method is easy and people are already familiar with it, which explains why most of the users actually rely on it. The only downside is the fear of leaving your credit card number online, which is why users get a new debit card for gambling in the first place.
Wire Transfers and Cheques
Although these are old methods, and rarely used, they are still available. A number of operators accepted them mainly because they are still a safe and secure way to deliver funds. Moreover, people of all ages use betting sites, and some of the senior users continue to rely on these transfer methods. So, it’s a good thing that the option exists, however, it’s the least convenient way to bet online due to the time it takes for the money to be transferred.